02 Apr 2018

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#it_hamilton

If you want to receive a consultation, you can acquaint yourself with the Ethereum project and their smart contracts, which in turn enabled ICOs(Initial Coin Offering). Afterwards, you may consider browsing the web for information about the difference between tokens and altcoins. Later, you can read DollarBit whitepaper and DollarBit FAQ and ask questions regarding the subject matter (namely, the DollarBit project). Also, stop trolling--this is against the Bitcointalk policy.

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#it_hamilton

If our project does not interest you or you do not support it, then please don't comment without properly understanding our mission or reading the white paper documents.

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#it_hamilton

This is not an ICO and never will be.DollarBit is CryptoNote based with modifications. The main aspect is the Participation Coefficient. While the Investment Auction is a new approach to funding upcoming cryptocurrencies.

If our project does not interest you or you do not support it, then please don't comment without properly understanding our mission or reading the white paper documents.

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#it_hamilton

Questions from Newsletter Subscribers:

Why is there specifically 17,920,402 DBIT?

DollarBit draws inspiration from the creation of the US Dollar which was created on April 2nd, 1792 (hence the amount). Moreover, as an American cryptocurrency which aims to become the reserve cryptocurrency it is only fitting to be the Dollar of the cryptocurrency market (hence the name).

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#it_hamilton

Questions from Newsletter Subscribers:

CryptoBank vs. Wallet what's the difference?

DollarBit CryptoBank is the embodiment of the paradigm shift. Instead of using a "wallet" mainly for transactions, CryptoBank is primarily used as a secure and private way to keep your cryptocurrency assets. Prioritizing your assets' security, safeguarding your privacy, and protecting your anonymous transactions from malicious threats are the foundational principles of the DollarBit CryptoBank.​

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#it_hamilton

www.dollarbit.org FAQ
-What is a CryptoBank?
In essence, CryptoBank is a wallet replacement, but in the of DollarBit network it is much more – it allows for money storage, DBIT mining, and executing DollarBit transactions. Each DollarBit CryptoBank has its own Participation Coefficient (Qp) – similar to a credit score, but instead of depending on external factors, like a normal credit score, Qp is completely dependent on you, your work in the network, frequency of use, and participation in mining. DollarBit CryptoBank is not just a wallet, it is an instrument of control over your cryptocurrency assets; and in the future, with the growth of the DollarBit network, the DollarBit CryptoBank is a valuable asset.

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#it_franklin

 Questions from Newsletter Subscribers:

Explain something about  Qp system ?


Qp is the participation coefficient. The CryptoBank owner, the user, begins forming their Qp from the first transaction. In other cryptocurrencies, a regular user does not receive rewards from their participation, with the exception of using the cryptocurrency as an investment asset. But we cannot consider speculation as a system-forming incentive. In DollarBit, the user can see the changes of their Qp with every new block, based on their activity—Qp increases when the user is active, and decreases when they are inactive.
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#it_hamilton

DollarBit is not a “copy-paste” project—it is a serious revamp of what cryptocurrency should be. A change in paradigm requires major effort and a bit of time.

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#it_hamilton

Questions from Newsletter Subscribers:

More about Calculating Rewards


For all the genius of Bitcoin, the lack of economists in the dev team is obvious. The basic rules of economics apply to everything, and cryptocurrency is no exception. In most cases, the rewards diminish over time, even if the difficulty of obtaining the reward increases, which is absurd from our perspective. We do no wish for miners to be discouraged from the beginning, and for that reason, the reward from mining in the DollarBit system does not decrease with time, but is rather dependent on the participation of the miners. Also, if we want to improve the stability and security of the system both short-term and long-term, we will need to incentivize miners not only to participate, but to maintain their participation over time. In DollarBit network, this function is executed by the introduction of the Participation Coefficient(Qp). Qp affects miner’s rewards by either raising the base reward marginally or considerably. If the Qp is high, the reward will be higher than the base reward, and if the Qp is low, then the reward will be similar to the base reward. However, the reward will never drop below the base reward, as we believe that the increased complexity of the computational puzzle required to find a block is more than enough to compensate for the increase in competition and participation.

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#it_hamilton

We compare CryptoBank to Swiss Banks because of similarities in focus on privacy and security.

In the DollarBit system, wallet is called CryptoBank because  of the change in the order of priorities. We believe that storage and mining are more important than transaction in the context of a decentralized network based on blockchain. Because of the change in paradigm, calling "wallet" CryptoBank is more apt.

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#it_jefferson

Please reserve any judgement before reading the DollarBit whitepaper. www.dollarbit.org/white-paper Participation Coefficient is a game-changer.

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#it_jefferson

DollarBit is unique because we propose a change in paradigm

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#it_jefferson

When we call DollarBit Bitcoin 3.0, we say that DollarBit is the new iteration of Bitcoin that takes into account the latest technological advancement. If versions 4.0, 5.0, etc come out later, then it's all the better for the cryptocurrency community. Improvement, development, advancement, are always better than regressions, stagnation, orthodoxy, and are necessary for the long-term.

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#it_franklin

We are not forcing anyone to invest--you can always participate in mining. We are just here to share more information about the project. DollarBit is the American Bitcoin and calling it DollarEuro or EuroBit would be more fake.

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#it_jefferson

tonight

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#it_hamilton

let me start
1. Difference between Bitcoin and DollarBit

There are several differences between Bitcoin and DollarBit. For once, the underlying technology is different—Bitcoin uses Bitcoin Core and DollarBit is built on CryptNote. Perhaps, the biggest difference is ideological. Bitcoin was envisioned as electronic cash capable of functioning outside of government intervention and conventional channels and designed to replace the traditional currency. DollarBit does not aim to replace other cryptocurrencies or currency, but to supplement them. This comes from a change in the paradigm: DollarBit prioritized storage and mining over transactions, unlike Bitcoin and other cryptocurrencies.

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#it_hamilton

Questions from Newsletter Subscribers:


Calculating Fees

Fees are universally hated, but they are necessary. We want to keep the fees low, but make them dependent on the Qp at the same time. Users with a high Qp will enjoy the benefits of lower transactions, while users with a low Qp will have to bear increased costs. This change is necessary as to not create discrimination, where the miners would only take transactions either with low or high Qp. This way, all transactions will be processed, and miners will either create high Qp blocks or earn more from processing low Qp transactions. The idea is to create a balanced system that would nonetheless motivate everyone to improve their Qp and maintain a high one.

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#it_hamilton

Questions from Newsletter Subscribers:

What is Participation Coefficient?

The Participation Coefficient (Qp) is the key differentiating factor between PoQ and other algorithms. There is nothing wrong with the core idea of PoW, and PoQ is similar in principle, but Qp makes the algorithm much more advanced. One can think of Qp as a score system that determines the reputation or a rating (Credit Score) of your CryptoBank. One of the metrics used for the calculation of the Qp is the time spent mining. This is a return to one of the original Bitcoin principles – blockchain mining. Because the Qp is not reliant on wealth or computational power, but one the one true constant – time, PoQ is more egalitarian that other algorithms.
More information on the Participation Coefficient can be found in the DollarBit white paper www.dollarbit.org/white-paper.
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#it_hamilton